Solo Oil gains on positive news on Horse Hill project

Oil and gas explorer Solo Oil said it was pleased with the results of the latest evaluation of the oil potential of the Horse Hill-1 well located in PEDL137 in the Weald Basin.

The London-listed group, which has a 6.5% stake in the project located near Gatwick Airport, said consultancy group Schlumberger estimated the tight reservoirs section of the well to contain approximately 271m barrels of oil per square mile.

The figure was significantly higher than that contained in a report by US consultancy group NUTECH, which in April estimated the site could contain 158m barrels of oil per square mile.

“These independent estimates continue to suggest a significant oil potential in the unconventional sequence in the Horse Hill area and may have wider significance in the Weald Basin generally," said group chairman Neil Ritson.

Other companies lifted by the news include Doriemus, which has a 6.5% interest, UK Oil & Gas, which owns 20.4%.

Solo Oil shares were up 0.46% to 0.548p at 08:47 on Friday.